Brooklyn Housing Boom: Dude, It’s So Over

The number of Brooklyn home sales dropped 42.7 percent annually in the fourth quarter of 2008, according to a new report from Prudential Douglas Elliman and appraisal firm Miller Samuel (and authored by ace Jonathan Miller). At the same time, the median home sales price dropped 7.5 percent to $490,000.

As the graphic indicates, Brooklyn’s more expensive areas – North Brooklyn, and Brownstone Brooklyn – fared better than East and South Brooklyn (“South” being a geographic term here), which have substantially lower average and median sales prices.

Fair warning for sellers and glad tidings for buyers: The drastic reduction in sales volume most likely portends further price reductions going into the spring and summer.

AC_FL_RunContent = 0;

if (AC_FL_RunContent == 0) {
alert(“This page requires AC_RunActiveContent.js.”);
} else {
‘codebase’, ‘,0,0,0’,
‘width’, ‘530’,
‘height’, ‘435’,
‘src’, ‘’,
‘quality’, ‘high’,
‘pluginspage’, ‘’,
‘align’, ‘middle’,
‘play’, ‘true’,
‘loop’, ‘true’,
‘scale’, ‘showall’,
‘wmode’, ‘window’,
‘devicefont’, ‘false’,
‘id’, ‘brooklyn2009’,
‘bgcolor’, ‘#ffffff’,
‘name’, ‘’,
‘menu’, ‘true’,
‘allowFullScreen’, ‘false’,
‘movie’, ‘’,
‘salign’, ”
); //end AC code

Article continues below
More from Politics
John Wisniewski took a risk in being Bernie Sanders' most prominent NJ backer during the presidential campaign. This week, the Vermont senator's son, Levi Sanders, campaigned for Wisniewski's opponent, Phil Murphy.
Murphy Crushes Wisniewski In Middlesex, Wiz Home County